accountings problems -2 parts

Project Description:

(1.)you are provided with the following information for web inc. for the month ending june 30, 2011. web uses the periodic method for inventory.

date description quantity unit cost/selling price
june1 beginning inv. 40 $40
june 4 purchase 135 44
june 10 sale 110 70
june 11 sale return 15 70
june 18 purchase 55 46
june 18 purchase return 10 46
june 25 sale 65 75
june 28 purchase 30 50

instructions
(a) calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross froit, and (iv) gross profit rate under each of the following methods:

1) lifo. 2.) fifo. 3.) average-cost

(b) compare results for the three cost flow assumptions
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